Stepan seeks $7.25M in arbitration, Rangers counter at $5.2M

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Restricted free agent Derek Stepan might consume all of the New York Rangers’ remaining cap space.

Ahead of Monday’s arbitration hearing, the 25-year-old forward put in a request for a $7.25 million contract while the Rangers are countering at $5.2 million, per Elliotte Friedman.

While that might sound like a big gap, it’s worth remembering that both have likely chosen their positions strategically, leaving potential room for a compromise. We saw an example of that recently when Capitals goaltender Braden Holtby filed an $8 million request versus Washington’s position at $5.1 million. They ended up agreeing to a five-year, $30.5 million deal. In other words, he’ll come with a $6.1 million annual cap hit.

The Rangers have reportedly already shown a willingness to go above their arbitrator filed price on a long-term deal as they are interested in a six-year contract worth $6.5-6.75 million annually, according to the New York Post. Stepan has countered at $7.25-7.5 million annually for at least seven years.

At the same time, that gap does have major significance to the New York Rangers as they currently have roughly $6.9 million in cap space, per General Fanager. So if the two sides settle close to Stepan’s demands then the Rangers will have essentially no wiggle room going into the season and might even need to make another move to get in a more comfortable cap position.

Stepan had 16 goals and 55 points in 68 contests in 2014-15. He’s never recorded more than 57 points in a single season, although he did have 18 goals and 26 assists in the 48-game 2013 campaign.